Misleading loan agent lead to foreclosure

[debtweety]

We were mislead while trying to refinance our mortgage. Our loan was going into foreclosure and we were working with a person for a Hard Money Loan, which was approved. The sale date was scheduled for October 4th. The week prior to the sale date our loan officer and I worked and faxed all papers over to the mortgage lawyers for an extension until we went to settlement on new loan. My loan officer called me on October 3rd and assured me that the extension was granted for 3 weeks. On October 4th at 10:04 am my house was sold at auction. The people that bought the house agreed to sell it back to us for a $42,000 fee. We agreed to this since our house had enough equity in it that we incorporated this fee into our loan. Well we could not get any payoffs from the mortgage company lawyers and then all of a sudden everyone backed out of the deal (except us) and they settled on our property December 3rd. They said they would be willing to rent back to us until we found something, but they want a large security deposit and if we are looking for something else, we do not have money to give them and a new landlord a security deposit. We were in the house for 15 years and would not damage it now. My question is, how long legally after they purchase the house do they have to give us to be out? We were also told that since we have a foreclosure on our credit report that we would have to rent for 12-18 months with timely payments to get our credit back on track. Also, the house sold for $70,000 over and above what was owed to the mortgage company and home equity line, how do I go about making sure that money gets to us in a timely manner???? Thanks